After a horror 2020, the ASX oil and gas sector has bounced back with nearly a dozen microcaps more then doubling.

Many industries reliant on oil and gas, such as air travel, ground to a halt when COVID-19 first broke out, leading to oil prices crashing and even briefly dropping below zero.

But prices have rebounded as activity has picked up again and many microcaps that struggled to gain the market’s attention last year have surged this year.

Here are the ASX oil & gas stocks up over 100 per cent in the last 3 months…

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The top ASX oil and gas stock, sitting on a gain of over 400 per cent, is Red Sky Energy (ASX:ROG) which has an oil well in South Australia.

Red Sky shares have been on a tear since a company update a month ago in which announced it had identified 10 times more net pay (economically producible hydrocarbons) than it was expecting.

Red Sky’s last update came a fortnight ago in which it reiterated it would be tested this year in conjunction with its other projects.

On the subject of ASX oil and gas stocks that appeared to have underestimated their project’s potential, another is Talon Petroleum (ASX:TPD).

Last month the company released initial estimates of the recoverable prospective resources at its Conor prospect in the Perth basin. It showed it could recover up to 10 times the gas resources it had been initially targeting.

On the very same day Red Sky rose, 88 Energy (ASX:88E) did likewise after a positive update from its well in Alaska.

It rose nearly 10 times in nearly as many days but retreated substantially after hitting a number of setbacks including equipment failures and wellbore condition issues.

Some stocks have grown off the back of news only indirectly related to exploration including 2021’s second greatest winner – Zimbabwe focused gas stock Invictus Energy (ASX:IVZ).

It is up over 200 per cent in 2021 having achieved several milestones including obtaining a production licence and exploration funding.

Other such stocks include Oilex (ASX:OEX) which earlier this month obtained 100 per cent ownership of its project in India after the GPSC signed off on it, and Elixir (ASX:EXR) which announced it was starting a new exploration season at its project in Mongolia.

At Stockhead, we tell it like it is. While Invictus Energy and Talon Petroleum are Stockhead advertisers, they did not sponsor this article.